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Cna Financial Corp (CNA) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

SEC Filings

Cna Financial Corp

CIK: 21175 Ticker: CNA

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FOR IMMEDIATE RELEASE

CNA FINANCIAL ANNOUNCES
Q4 2021 NET INCOME OF $0.98 PER SHARE AND CORE INCOME OF $0.97 PER SHARE
FULL YEAR 2021 NET INCOME OF $4.41 PER SHARE AND RECORD CORE INCOME OF $4.06 PER SHARE
SPECIAL DIVIDEND OF $2.00 PER SHARE
Fourth Quarter
Net income was $266 million; core income of $265 million, includes a non-economic charge related to asbestos and environmental pollution of $48 million after-tax.
P&C segments produced core income of $353 million, largely consistent with the prior year quarter. Higher catastrophe losses were offset by favorable non-catastrophe current accident year underwriting results.
The P&C combined ratio was 92.9%, the lowest in five years, compared with 93.4% in the prior year quarter, including 2.0 points of catastrophe loss impact compared with 0.8 points in the prior year quarter.
The underlying combined ratio was 91.2% compared with 92.6% in the prior year quarter. The underlying loss ratio was 60.1% compared with 60.4% in the prior year quarter and the expense ratio was 30.8% compared with 32.0% in the prior year quarter.
Net catastrophe losses were $40 million pretax versus $14 million in the prior year quarter.
P&C segments, excluding third party captives, generated gross written premium growth of 16% driven by rate and new business growth of 28%. Net written premium growth was 11% in the quarter.
P&C written rate of +8% and earned rate of +10% for the quarter.
Full Year
Net income was $1,202 million; core income was a record $1,106 million.
The P&C combined ratio was 96.2%, the lowest in five years, compared with 100.1% in the prior year, including 5.1 points of catastrophe loss impact compared with 7.7% points in the prior year.
The underlying combined ratio was a record low 91.4% compared with 93.1% in the prior year. The underlying loss ratio was 60.0% compared with 60.2% in the prior year and the expense ratio was 31.1% compared with 32.6% in the prior year.
Net catastrophe losses were $397 million pretax versus $550 million in the prior year.
P&C segments, excluding third party captives, generated gross written premium growth of 10% driven by rate and new business growth of 19%. Net written premium growth was 5% in the year.
P&C written rate of +9% and earned rate of +11% for the year.
Net investment income of $2,159 million pretax compared with $1,935 million in the prior year.
Shareholders' Equity
Book value per share of $47.20; book value per share excluding AOCI of $46.02, a 10% increase from year-end 2020 adjusting for $2.27 of dividends per share.
Increased quarterly dividend 5% to $0.40 per share; special dividend of $2.00 per share.
1

The following information was filed by Cna Financial Corp (CNA) on Monday, February 7, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Cna Financial Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets - (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity - (Parenthetical)
Accumulated Other Comprehensive Income (Loss) By Component
Accumulated Other Comprehensive Income (Loss) By Component (Schedule Of Accumulated Other Comprehensive Income (Loss) By Component) (Details)
Accumulated Other Comprehensive Income (Loss) By Component (Tables)
Benefit Plans
Benefit Plans (Actuarial Assumptions For Benefit Obligations) (Details)
Benefit Plans (Actuarial Assumptions For Net Cost Or Benefit) (Details)
Benefit Plans (Components Of Net Periodic Cost (Benefit)) (Details)
Benefit Plans (Estimated Future Minimum Benefit Payments To Participants) (Details)
Benefit Plans (Fair Value Of Plan Assets Measured On A Recurring Basis) (Details)
Benefit Plans (Funded Status) (Details)
Benefit Plans (Narrative) (Details)
Benefit Plans (Schedule Of Amounts Recognized In Other Comprehensive Income) (Details)
Benefit Plans (Schedule Of Non-Service Cost (Benefit) Presented In The Consolidated Statement Of Operations) (Details)
Benefit Plans (Tables)
Business Segments
Business Segments (Balance Sheet Information) (Details)
Business Segments (Income Statement Information) (Details)
Business Segments (Narrative) (Details)
Business Segments (Revenues By Line Of Business) (Details)
Business Segments (Tables)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Commercial - Commercial Auto - Net Cumulative Paid Claim And Claim Adjustment Expenses) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Commercial - Commercial Auto - Net Incurred Claims And Allocated Claim Adjustment Expenses) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Commercial - Commercial Auto - Net Strengthening Or Releasing Of Prior Accident Year Reserves) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Commercial - Commercial Auto - Short Duration Contracts) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Commercial - General Liability - Net Cumulative Paid Claim And Claim Adjustment Expenses) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Commercial - General Liability - Net Incurred Claims And Allocated Claim Adjustment Expenses) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Commercial - General Liability - Net Strengthening Or Releasing Of Prior Accident Year Reserves) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Commercial - Net Prior Year Claim And Allocated Claim Adjustment Expense Reserve Development) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Commercial - Workers' Compensation - Net Cumulative Paid Claim And Claim Adjustment Expenses) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Commercial - Workers' Compensation - Net Incurred Claims And Allocated Claim Adjustment Expenses) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Commercial - Workers' Compensation - Net Strengthening Or Releasing Of Prior Accident Year Reserves) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Gross And Net Carried Claim And Claim Adjustment Expense Reserves) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Historical Claims Duration) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Impact Of Loss Portfolio Transfer On The Consolidated Statement Of Operations) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (International - Excluding Hardy - Net Cumulative Paid Claim And Claim Adjustment Expenses) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (International - Excluding Hardy - Net Incurred Claims And Allocated Claim Adjustment Expenses) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (International - Excluding Hardy - Net Strengthening Or Releasing Of Prior Accident Year Reserves) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (International - Hardy - Net Cumulative Paid Claim And Claim Adjustment Expenses) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (International - Hardy - Net Incurred Claims And Allocated Claim Adjustment Expenses) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (International - Hardy - Net Strengthening Or Releasing Of Prior Accident Year Reserves) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (International - Net Prior Year Claim And Allocated Claim Adjustment Expense Reserve Development) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (International - Short Duration Contracts) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Life &Amp; Group Policyholder Reserves) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Narrative) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Net Prior Year Development) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Reconciliation Of Claim And Claim Adjustment Expense Reserves) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Reconciliation Of Liability For Unpaid Claim And Claim Adjustment Expense) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Specialty - Line Of Business Composition) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Specialty - Medical Professional Liability - Cumulative Net Incurred Claims And Allocated Claim Adjustment Expenses) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Specialty - Medical Professional Liability - Net Cumulative Paid Claim And Claim Adjustment Expenses) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Specialty - Medical Professional Liability - Net Strengthening Or Releasing Of Prior Accident Year Reserves) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Specialty - Net Prior Year Claim And Allocated Claim Adjustment Expense Reserve Development) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Specialty - Other Professional Liability And Management Liability - Net Cumulative Paid Claim And Claim Adjustment Expenses) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Specialty - Other Professional Liability And Management Liability - Net Incurred Claims And Allocated Claim Adjustment Expenses) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Specialty - Other Professional Liability And Management Liability - Net Strengthening Or Releasing Of Prior Accident Year Reserves) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Specialty - Surety - Net Cumulative Paid Claim And Claim Adjustment Expenses) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Specialty - Surety - Net Incurred Claims And Allocated Claim Adjustment Expenses) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Specialty - Surety - Net Strengthening Or Releasing Of Prior Accident Year Reserves) (Details)
Claim, Claim Adjustment Expense And Future Policy Benefit Reserves (Tables)
Debt
Debt (Maturity Of Debt) (Details)
Debt (Narrative) (Details)
Debt (Schedule Of Debt Instruments) (Details)
Debt (Tables)
Fair Value
Fair Value (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details)
Fair Value (Carrying Amount And Estimated Fair Value Of Financial Instrument Assets And Liabilities Which Are Not Measured At Fair Value) (Details)
Fair Value (Narrative) (Details)
Fair Value (Quantitative Information About Significant Unobservable Inputs In The Fair Value Measurement Of Level 3 Assets) (Details)
Fair Value (Table Of Reconciliation For Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs) (Details)
Fair Value (Tables)
Income Taxes
Income Taxes (Current And Deferred Components Of The Company's Income Tax (Expense) Benefit) (Details)
Income Taxes (Narrative) (Details)
Income Taxes (Reconciliation Between The Company's Federal Income Tax (Expense) Benefit At Statutory Rates And The Recorded Income Tax (Expense) Benefit) (Details)
Income Taxes (Significant Components Of The Company's Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Tables)
Investments
Investments (Allowance On Available-For-Sale Securities With Credit Impairments And Pcd Assets Activity) (Details)
Investments (Components Of Other-Than-Temporary Impairment Losses Recognized In Earnings) (Details)
Investments (Contractual Maturity) (Details)
Investments (Credit Quality Indicator) (Details)
Investments (Narrative) (Details)
Investments (Net Investment Income) (Details)
Investments (Net Realized Investment Gains (Losses)) (Details)
Investments (Securities In A Gross Unrealized Loss Position) (Details)
Investments (Summary Of Fixed Maturity And Equity Securities) (Details)
Investments (Tables)
Leases
Leases (Assets And Liabilities) (Details)
Leases (Lease Term And Discount Rate) (Details)
Leases (Maturities) (Details)
Leases (Narrative) (Detail)
Leases (Tables)
Legal Proceedings, Contingencies And Guarantees
Legal Proceedings, Contingencies And Guarantees (Narrative) (Details)
Non-Insurance Revenues From Contracts With Customers
Non-Insurance Revenues From Contracts With Customers (Narrative) (Details)
Non-Insurance Revenues From Contracts With Customers (Performance Obligation) (Details)
Other Intangible Assets
Other Intangible Assets (Narrative) (Details)
Other Intangible Assets (Summary Of Other Intangible Assets) (Details)
Other Intangible Assets (Tables)
Reinsurance
Reinsurance (Components Of Earned Premiums) (Details)
Reinsurance (Components Of Reinsurance Receivables) (Details)
Reinsurance (Components Of Written Premiums) (Details)
Reinsurance (Narrative) (Details)
Reinsurance (Tables)
Reinsurance (Voluntary Reinsurance) (Details)
Related Party Transactions
Related Party Transactions Narrative (Details)
Schedule I. Summary Of Investments - Other Than Investments In Related Parties
Schedule Ii. Condensed Financial Information Of Registrant (Parent Company)
Schedule Ii. Condensed Financial Information Of Registrant (Parent Company) (Narrative) (Details)
Schedule Ii. Condensed Financial Information Of Registrant (Parent Company) (Schedule Of Condensed Financial Information Of Registrant, Balance Sheets) (Details)
Schedule Ii. Condensed Financial Information Of Registrant (Parent Company) (Schedule Of Condensed Financial Information Of Registrant, Statements Of Cash Flows) (Details)
Schedule Ii. Condensed Financial Information Of Registrant (Parent Company) (Schedule Of Condensed Financial Information Of Registrant, Statements Of Operations And Comprehensive Income (Loss)) (Details)
Schedule Iii. Supplementary Insurance Information
Schedule Iv. Reinsurance
Schedule V. Valuation And Qualifying Accounts
Schedule V. Valuation And Qualifying Accounts (Schedule Of Valuation And Qualifying Accounts) (Details)
Schedule Vi. Supplemental Information Concerning Property And Casualty Insurance Operations
Schedule Vi. Supplemental Information Concerning Property And Casualty Insurance Operations (Details)
Stock-Based Compensation
Stock-Based Compensation (Narrative) (Details)
Stock-Based Compensation (Restricted Shares, Performance-Based Restricted Share Units And Performance Share Unit Activity) (Details)
Stock-Based Compensation (Tables)
Stockholders' Equity And Statutory Accounting Practices
Stockholders' Equity And Statutory Accounting Practices (Combined Statutory Capital And Surplus And Net Income (Loss)) (Details)
Stockholders' Equity And Statutory Accounting Practices (Narrative) (Details)
Stockholders' Equity And Statutory Accounting Practices (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policies)
Ticker: CNA
CIK: 21175
Form Type: 10-K Annual Report
Accession Number: 0000021175-22-000016
Submitted to the SEC: Tue Feb 08 2022 3:15:39 PM EST
Accepted by the SEC: Tue Feb 08 2022
Period: Friday, December 31, 2021
Industry: Fire Marine And Casualty Insurance

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